Most Common Income Tax Deductions – save your Tax | Know before filing your ITR
In the context of the Indian Income Tax Act, 1961, taxpayers have the opportunity to reduce their taxable income by …
INCOME TAX DEDUCTIONS
You could lose section 80C tax benefit on EPF contribution; here’s why
Section 80C tax benefit on EPF: Many salaried individuals claim Section 80C tax benefit on their own Employees Provident Fund …
Section 80E: Deduction of Income Tax Act for Education Loan
In today’s dynamic and competitive world, higher education plays a pivotal role in shaping individuals’ careers and fostering personal growth. …
New Deduction under Income Tax – Section 80CCH
Section 80CCH: Deduction in respect of contribution to Agnipath Scheme [Deduction in respect of contribution to Agnipath Scheme. 80CCH. (1) Where an assessee, being an …
Choosing New Tax Regime in FY 2024-25? Here are the deductions that are allowed under new structure
It should be noted that the adoption of New Tax Regime comes with certain restrictions. Like, exemption claims associated with …
Income Tax: Deadline to seek tax exemption via ELSS is today, not March 31. Here’s why
Since the financial markets are closed for three days, mutual fund houses will not be able to process the transactions …
Income Tax Deductions: All Deductions u/s Section 80C to 80U for FY 2023-24 & FY 2024-25
What is Income Tax Deduction under Chapter VI A of Income Tax Act? Section Description Eligibility Maximum Deduction 80C Investments …
Income tax allowances, deductions allowed for individuals in old tax regime
India’s personal tax system has two ‘regimes’: Old and new. The new tax regime does not have most of the …
Form 12BB: Things to know about investment declarations 2023-24 for tax saving to your employer
A sample Form 12BB may be downloaded from the online portal of the income tax department. Investment declaration guide: With …
Got a tax notice for claiming higher deduction in ITR? Here is what to do
Around 22,000 taxpayers, including high-net-worth individuals, salaried individuals, and trusts, have already received notices from the Income Tax Department because …
